Cairn Energy sells $366 million stake in Indian unit

Cairn Energy, an Edinburgh-based and London-listed company, has raised about Rs20.5 billion $366 million from the sale of a further 3.5% in Cairn India after fixing the price at the bottom of the indicative range.

The sale was done through a block trade that launched close to midnight Hong Kong time on Thursday and closed just before the Indian market opened on Friday 11.30am Hong Kong time.

The deal comprised approximately 66.76 million shares and priced at Rs307.4 per share, which translated into a discount of 6.1% versus Thursday’s close of Rs327.4, a source said. The shares were marketed in a range between Rs307.4 and Rs317.5,...